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FM. Insurance Review

Total questions: 50

Worksheet time: 2hrs 38mins

Name
Class
Date
1.

Renter's insurance is...

a)

fairly expensive

b)

relatively cheap

c)

unnecessary

2.

The total amount of money that you pay for an insurance policy is known as the...

a)

premium

b)

deductible

c)

co-pay

3.

The amount you must pay on a claim before the insurance company will pay.

a)

Premium

b)

Policy

c)

Loss

d)

Deductible

4.

A payment made monthly, twice a year, or yearly, for an insurance policy.

a)

Premium

b)

Copay

c)

Tax

d)

Benefit

5.
Insurance to protect your personal home.
a)
comprehensive 
b)
renter's
c)
property damage
d)
homeowner’s 
6.
Insurance to protect your personal items in your rented apartment or rented house.
a)
homeowners
b)
renters
c)
property
d)
liability
7.
Insurance that helps cover your income from a job when you can no longer do your job due to health reasons.
a)
life
b)
medical
c)
long term care
d)
disability
8.
Provides payments for both liability and property insurance on a vehicle
a)
disability insurance
b)
automobile insurance
c)
coverage
d)
deductible
9.
A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury
a)
emergency savings
b)
coverage
c)
claim
d)
employee benefits
10.

Which of the following is a way to lower your insurance premium?

a)

have a good driving record

b)

be involved in sports

c)

have a parent with you at all times

d)

buy a sports car

11.

Who needs auto insurance?

a)

Nobody

b)

People that think they will get into an accident.

c)

All people who drive cars.

d)

People who can afford it.

12.

A higher deductible results in

a)

a lower premium

b)

a higher premium

c)

a lower claim

d)

a higher claim

13.

Who pays more for auto insurance?

a)

Males

b)

Females

c)

Elderly

d)

Children

14.

What are 3 cost factors for insurance?

a)

Your Driving Record

b)

Gender & Marital Status

c)

Color of your car

d)

Use of your car

15.

A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.

a)

Credit score

b)

Loan terms

c)

Lender

d)

Credit history

16.

The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.

a)

Larger/larger

b)

Larger/smaller

c)

Smaller/larger

d)

Smaller/smaller

17.

A DUI can raise your auto insurance rate by

(a)   .

Choose from the below words

50%

Double your rate or more

20%

10%

18.

A texting while driving ticket increases auto insurance premiums by (a)   .

Choose from the below words
$346 per year, for up to three year
$100 per year
$500 per year
$200 per year
19.

_______________ requires you to pay either a set amount or a certain percent of medical expenses

a)

co-insurance

b)

co-payment

c)

life term

d)

term life

20.

Co-insurance is usually figured as a

a)

set amount

b)

percentage

c)

quotient

d)

product

21.

Deductibles are calculated on a(n) ________ basis.

a)

daily

b)

monthly

c)

annual (yearly)

d)

throughout the life of the policy

22.
You have reached your $5000 out-of-pocket limit. You need to go to the emergency room and it cost $1700. How much will your insurance pay?
a)
$1700
b)
$0
c)
$1360
23.
You have reached your deductible of $2000, but you have not reached your maximum out-of-pocket limit of $4000 and your co-insurance begins. Your co-insurance is 20%. How much do you have to pay if you go to the doctor and the visit is $150?
a)
$150
b)
$30
c)
$120
d)
$0
24.
A 30 year woman broke her arm and went to the ER for treatment. Her health insurance plan has a $1,500 deductible. What does this mean
a)
She can deduct $1,500 from the hospital bill, but must pay the rest
b)
The hospital will only charge her $1,500
c)
She is resoponsible for paying, $1,500 of her medical expenses before her insurance starts to pay
d)
Her insurance company will only pay $1,500 and she must pay the rest
25.
Valerie had to go to the doctor 3 times with the co-payments being $25 each time she went.  Her premium is $200.  What was her medical bill for the month?  
a)
$275
b)
$200
c)
$25
d)
$225
26.
Your health insurance has a $2000 deductible and a $100 per day co-payment for hospital stays. You get sick and are hospitalized for 2 days. The bill comes to $4000. How much of this bill do you have to pay?
a)
$2000
b)
$4000
c)
$2200
d)
$1800
27.
What is the probability of landing on the color blue on the spinner?
a)
3/3
b)

1

c)
3/12 or 1/4
d)

3/9 or 1/3

28.

What is the probability of rolling a 3 and spinning a red?

a)

1/6

b)

1/4

c)

1/10

d)

1/24

29.

Mrs. Trevino has 3 red pens, 5 pink pens, and 8 blue pens. What is the probability that she will choose a blue pen to grade papers?

a)

1/2

b)

8

c)

3/16

d)

16/8

30.

This type of insurance should pay for damages if a tree that goes through your roof.

a)

Product

b)

Health

c)

Homeowners

d)

Life

31.
Which of the following typically have the highest insurance premiums.
a)
Young, inexperienced drivers
b)
Older, experienced drivers
c)
Drivers who have with safe driving records
d)
Drivers who travel long distances
32.
The sprinkler system in your house goes off and it damages the flooring
a)
Renters Insurance
b)
Homeowners Insurance
c)
Umbrella Policy
d)
Disability Insurance
33.

According to the Affordable Care Act, children can be on their parents' health insurance until what age?

a)

Until they get a full time job

b)

22

c)

26

d)

28

34.

Why is it important to have insurance?

a)

To protect others from your mistakes

b)

To protect your assets from claims by others

c)

Guard against financial loss that can not be predicted

d)

All of the above

35.

An umbrella policy is so named because it provides liability coverage above that of your homeowners and car insurance.

a)

True

b)

False

36.

You can remain on your parents' health insurance plan until you're:

a)

21 years old

b)

25 years old

c)

26 years old

d)

29 years old

37.

The _________ indicates the most you would pay for health insurance in a year.

a)

insurance

b)

out-of-pocket maximum

c)

renters insurance

d)

uninsured/underinsured motorist protection

e)

term life insurance

38.

Which insurance covers you if you're injured and can't work for a period of time?

a)

long-term care

b)

renters

c)

term life

d)

disability

39.

What logo is this?

a)

Travelers Insurance

b)

Umbrella Academy

c)

Red Roof Inn

d)

Rain or Shine

40.

A deductible is your share of the repair costs after a claim has been made. You must pay this FIRST before the insurance kicks in.

a)

True

b)

False

41.

Ragnar's current insurance plan has a premium of $67.52 per month. He found a new insurance plan for the price of $769.80 a year. Which plan is cheaper?

a)

Old Plan

b)

New Plan

42.

Charlie's current insurance plan has a premium of $152.72 per month. He found a new insurance plan for the price of $1868.40 per year. Which plan is cheaper?

a)

Old Plan

b)

New Plan

43.
A pair of boots are $94.99.  They are 25% off. With this discount, what is the sale price? Round to nearest cent if necessary.
a)
$71.24
b)
$118.74
c)
23.7475
d)
$23.75
44.

Jorge buys a bowl of soup and bread for $8.00 and leaves a 6% tip. What is the total cost of the meal?

a)

$0.48

b)

$4.80

c)

$7.94

d)

$8.06

e)

$8.48

45.

Which is NOT an expense of owning a car?

a)

Repairs & maintenance

b)

Gasoline

c)

License & registration fees

d)

Utilities

46.

Financing a vehicle has advantages & disadvantages. Which is a disadvantage?

a)

You need a small amount of money upfront compared to buying the car

b)

You pay interest and fees on borrowed money

c)

Your credit score is not taken into consideration

d)

You have more flexibility to pay the car off over time

47.

The cost of a car is $22,000 and there is a 10% down payment. What is the down payment amount?

a)

$220,000

b)

$2,200

c)

$1760

48.

Convert 7% as a decimal

a)

7

b)

0.7

c)

0.07

d)

7.00

49.

The shirt that you bought was $20. The sales tax was 15%, what was the final price?

a)

$20

b)

$22

c)

$23

d)

$17

50.

Every driver in the US must have ______ insurance.

a)

full coverage

b)

comprehensive

c)

liability

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